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Gr12 Topic 6 Perfect markets

Quiz by Craig Fortuin

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18 questions
Show answers
  • Q1
    when total costs are greater than total revenue, or when average revenue is lower than average cost the firm makes an economic loss
    economic loss
  • Q2
    profit that is made in addition to normal profit, when average revenue is greater than average cost the firm makes an economic profit
    economic profit
  • Q3
    actual expenditure of business, e.g. wages and interest
    explicit cost
  • Q4
    value of inputs owned by entrepreneur and used in the production process (forfeited rental, interest and salary)
    implicit cost
  • Q5
    the period of production where all factors of production (and costs) can change - the time is long enough for variable and fixed factors to change
    long run
  • Q6
    an institution or mechanism that brings together buyers and sellers of goods or services
  • Q7
    how a market is organised
    market structure
  • Q8
    a market structure in which businesses have many competitors, but each one sells a slightly different product (e.g. CD's and books)
    monopolistic competition
  • Q9
    exclusive control of a commodity or service in a particular market
  • Q10
    the minimum earnings required to prevent an entrepreneur from leaving the industry - when average revenue equals average cost the firm makes a normal profit
    normal profit
  • Q11
    a market structure controlled by a small group of businesses
  • Q12
    a market structure with large numbers of producers and buyers
    perfect competition
  • Q13
    an individual firm that has no influence on price - it takes (accepts) price that is determined by the market
    price taker
  • Q14
    the period of production where only the variable factors of production can change while at least one factor is fixed
    short run
  • Q15
    businesses will close where MC = AVC (at the price equal to the minimum of the AVC curve)
    shut-down point

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